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Transition and Continuity... Dover's Unique Culture

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Transition and Continuity... Dover's Unique Culture Transition and Continuity... Dover’s Unique Culture 2004 Annual Report Transition and Continuity... Dover’s Business Philosophy Our goal is to be the leader in every market we serve, Success demands a constant focus on product quality and to the benefit of our customers and our shareholders. innovation, and exceptional customer service. It requires a To achieve and maintain market leadership, we manage long-term orientation. according to this consistent philosophy: We enhance our market leadership and shareholder value by l Perceive customers’ real needs and provide products acquiring like-minded businesses that strengthen our exist- and services to meet or exceed them, ing market positions and offer new markets. l Provide better products and services than competitors, l Invest to maintain competitive advantage, Intrinsic to Dover’s success is a decentralized management l Expect a fair price for the extra value we add, and style that gives the greatest scope to the talented people l Insist on the highest ethical standards at all times who manage our companies. in a business culture of trust, respect and open communication. Dover will continue to adapt to market conditions, but our philosophy, which has served shareholders well for 49 years, will not change. Contents: Consolidated Summary of Comparative Financial Highlights page 1 Selected Financial Data page 20 Letter to Shareholders page 2 Form 10-K Insert 11-Year Consolidated Summary of Board of Directors, Officers and Selected Financial Data page 18 Shareholder Information IBC Dover’s Six Subsidiaries: Dover Diversified page 6 l Dover Electronics page 8 l Dover Industries page 10 l 0.20 0.16 Dover Resources page 12 l 0.12 0.08 0.04 S&P500 Dover Systems page 14 Dover l 0.00 94 95 96 97 98 99 00 01 02 03 04 Dover Technologies International page 16 l Comparative Financial Highlights 1 Results From Continuing Operations (in thousands, except per share figures, percentages and number of employees) 2004 2003 2002 Net sales $ 5,488,112 $ 4,413,296 $4,053,593 Earnings before taxes $ 552,146 $ 371,892 $ 263,369 Net earnings $ 409,140 $ 285,216 $ 207,846 Continuing net earnings per diluted share $ 2.00 $ 1.40 $ 1.02 Dividends DIluted EPS $ 0.62 $ 0.57 $ 0.54 Capital expenditures $ 107,434 $ 96,400 $ 96,417 Acquisitions $ 514,303 $ 372,385 $ 100,138 Cash flows from operations$2.50 DIluted EPS $ 597,447 $ 577,366 $ 395,839 Return on average equity2.00 14.2% 11.5% 9.0% Number of employees1.50 28,102 25,279 24,934 $2.50 1.00 DIluted2.00 EPS 0.50 DIluted EPS 1.50 Profitability Measures $2.50 94 95 96 97 98 991.0000 01 02 03 04 $2.50 2.00 0.50 2.00 50% 1.50 Profitability Measures 94 95 96 97 98 99 00 01 02 03 04 1.50 40 1.00 1.00 30 0.50 50% 0.50 20 Profitability40 Measures Diluted Earnings Per Shar94 95e 96 97 98 99 00 01 02 03 04 10 Profitability Measures 94 95 96 97 98 99 00 01 02 03 04 30 50%94 95 96 97 98 992000 01 02 03 04 After-Tax Operating Return On Investment Return on Stockholder's50% Equity 40 10 40 30 94 95 96 97 98 99 00 01 EPS 30 After-Tax Operating20 Return On Investment Return on Stockholder 20 20% 10 Profitability Measure 10 16 EPS 94 95 96 97 98 99 00 01 02 03 04 12 After-Tax Operating Return On Investment Return on Stockholder's94 95 Equity96 97 98 99 00 01 20% After-Tax Operating Return On Investment Return on Stockholder 8 16 4 EPS 12 EPS Point to point compound annual 20%94 95 96 97 98 99 008 01 02 03 04 growth rate for 10 year periods ending S&P50020% Dover 12/31 of each year shown 16 4 Earnings Per Share Growth 16 12 11 year cumulative total return 04 Point to point compound annual 94 95 96 97 98 99 00 01 02 03 04 12 growth rate for 10 year periods ending 8 S&P500 Dover 12/31 of each year shown $400 8 4 320 11 year cumulative total return 4 Point to point compound annual 94 95 96 97 98 99 00 01 02 03 04 240 growth rate04 for 10 year periods ending $400 Point to point compound annual S&P50094 95 Dover96 97 98 99 00 01 02 03 04 12/31 of each year showngrowth rate for 10 year periods ending 160 S&P500 Dover 320 12/31 of each year shown 80 11 year cumulative total return 240 Comparison of 11-Year Cumulative Total Return* 11 year cumulative total return *$100 invested on 12/31/94 in Dover stock or in either the S&P 500 or Industrial Machinery indices, $400 94 95 96 97 98 9916000 01 02 03 04 including reinvestment of dividends. Fiscal years ending December 31. S&P Industrial $400 S&P500 Dover 320 80 320 240 *$100 invested on 12/31/94 in Dover stock or in either the S&P 500 or Industrial Machinery indices, 94 95 96 97 98 99 00 01 240 2 Letter to Shareholders 2004 was significant for Dover Corporation. First, we had a great year, generating record sales, our second best continuing earnings ever and our third highest acquisition spending level. Second, we announced a new organizational structure, the first such change in 20 years. We are now organized into six subsidiaries with 13 groups of companies, which will give us more market focus, acquisition capacity and executive leadership. And third, and perhaps most important for the future, we achieved a smooth transition to new leadership. On January 1, 2005, Tom Reece formally passed the mantle of Chief Executive Officer to Ron Hoffman, who had served as Dover’s President and Chief Operating Officer since mid-2003. Tom remains Chairman of the Board. With this planned and seamless transition, Ron has now become only the fifth person to lead Dover in the company’s 50-year history. Sharp Rise in Earnings on record sales and Diversified also had record operating company, subsidiary and corporate Record Sales earnings. These results were posted despite levels. This new structure will enable us to We are especially gratified that Dover set a the impact of both rising steel prices and develop and apply additional management talent new sales record of $5.5 billion in 2004, after operating issues at a couple of companies. to those efforts. Within the six subsidiaries, some challenging years since 2000. For the While most companies throughout Dover were we have organized our companies into 13 year, earnings from continuing operations of affected to some degree by higher costs for groups of businesses that generally share $409 million, or $2.00 diluted earnings per materials and energy, they varied in their near some common elements such as markets share, were our second highest ever. term ability to pass on those cost increases. served, material sources, distribution channels While a resurgence in the back-end semi- or production needs and methods. In addition conductor markets and strong performance in A Structural Evolution to traditional oversight of their individual operat- the energy products companies contributed sig- Dover begins 2005 not only with new leader- ing companies, the CEOs of the six subsidiaries nificantly to this result, improving markets gen- ship but with an expanded subsidiary structure will focus on these 13 “market” groups, with erally enabled all four of Dover’s subsidiaries to that will support our future growth. From four a view to identifying synergies, sharing informa- deliver double-digit gains in sales and earnings. subsidiaries — Dover Diversified, Dover tion and extending best practices. Strategically, Despite the unsettling effects of energy price Industries, Dover Resources and Dover they will assess their served markets and volatility, Dover Resources was the clear earn- Technologies — we have evolved into six with develop long-term market strategies and ings leader, posting record earnings, up more the addition of Dover Electronics and Dover investment analyses. than 58%, and record sales, up 36%. Dover Systems. This new structure will, among other Technologies recorded strong increases in things, expand our acquisition capacity and pro- Continuity and Leadership sales, and earnings essentially doubled, despite vide more executive management leadership The remarkable continuity of Dover leadership softness in the fourth quarter. This was driven opportunities. We also believe it will result in has been highly beneficial to Dover’s sharehold- by Dover’s biggest earner in 2004, Everett improved market and customer focus. In part, ers, employees and customers alike. Like its Charles, a CBAT company whose testing busi- this expanded organization recognizes the newest CEO, each of the company’s previous ness has shown impressive growth. Both increased complexity of management oversight leaders — Fred Durham, Thomas Sutton, Gary Dover Diversified and Dover Industries had as we grow. As Dover has become more glob- Roubos and Tom Reece — was a strong al, managing effectively, making sound acquisi- tions and assuring that Dover’s rigorous operat- ing standards are met, represent continuing challenges for our leadership teams at the 3 Ron Hoffman, President and Chief Executive Officer on the left, and Tom Reece, Chairman of the Board on the right. Another long-standing Globalization: Sources and Markets Dover tradition — retaining all Where it makes sense, Dover company presi- companies acquired regardless dents have been taking advantage of lower of results during short term cost manufacturing areas as one of many “down” cycles — has also been strategies for making their businesses more modified under Tom’s leadership.
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